Starting a Home Based Business
Having a good idea is the first step to starting a home based
business. But this is the easy part. If you want to have a
successful business, there are many other things to consider.
Is a home based business right for you?
Before you invest your time, effort, and money, take a few
moments to answer the following questions: - What do you like to
do with your time? - Can you identify and describe the business
you plan on establishing? - What will be your product or
service? - Is there a demand for your product or service? - Do
you have the talent and expertise needed to compete
successfully? - How much time do you have to run a successful
business? - Are you a self-starter? - Do you have the necessary
self-discipline to maintain schedules? - Can you deal with the
isolation of working from home?
It is important that you work in a professional environment; if
possible, you should set up a separate office in your home.
Is your business idea suitable for home?
There are many types of business you can run from home, here is
a small list: Auction Business, Child Care Provider, Cleaning
Business, Clothing Designer, Computer Consultant, Craft
Business, Freelance Writer, Interior Design, Language
Translator, Newsletter Publishing, Party Planning, Pet Sitting
Service, Real Estate Appraiser, Resume Writing Service, Travel
Agency, Web Design, and the list is so long to write it here.
Are you financially ready?
You have to look at your financial position before starting a
home based business. Do you have capital to invest in this
business, are you going to work part time to fund the business,
or do you have a partner who is funding the venture?
With a little planning, you'll find that you can avoid most
financial difficulties. Make sure you estimate Start-Up Costs,
Operating Expenses, and Projecting Income (sales on a weekly or
monthly basis).
Promotion
Promotion is an important part of marketing, but promotion is
not about making sales. Promotion is about getting your product
or service known. Promotion is a long term investment which can
eventually lead to sales. The easiest way to promote your home
based business is by having people talk about you and your
product or service. If a customer likes what they buy they will
tell others. Therefore part of your promotional plan must
include strategies to ensure excellence in customer service.
To sell you have to define the products/services offered,
identify the customer demand for your product/service, identify
your market, its size and locations, decide how your
product/service will be advertised and marketed, and decide the
pricing strategy.
Possible legal requirements
A home based business is subject to many of the same laws and
regulations affecting other businesses, and you will be
responsible for complying with them. There are some general
areas to watch out for, but be sure to consult an attorney and
your state department of labor to find out which laws and
regulations will affect your business.
Some home based business do